Uber lost “significantly more” than $2.2 billion in the first nine months of 2016, according to a source close to the company. In the third quarter alone, Uber lost in excess of $800 million, a figure that doesn’t include its now-defunct business in China.

While its valuation has risen to $69 billion, privately-owned Uber has been reluctant to talk financials. According to a source speaking to Bloomberg, the company generated $3.76bn in net revenue in the first nine months of 2016, a figure that is expected to surpass $5.5bn in the coming weeks. But as Uber’s revenue grows, and it continues to push hard in new markets, its profitability appears to have stalled.

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Net revenue, the amount Uber makes after it pays drivers, grew throughout the first three quarters of 2016, going from $960 million to $1.1 billion to $1.7 billion. According to leaked financials Uber lost at least $2 billion in 2015 and will lose at least $3 billion in 2016. The ride-hailing business is also struggling in the United States, according to Bloomberg’s source. After making a small profit in the first quarter, Uber lost $100 million in the second and is expected to take a heavier hit in the third.

Bookings made through the app totalled $5.4bn in the third quarter, up from $5bn in the second quarter and $3.8bn in the first. The slowdown in growth could be in-part attributed to Uber quitting China. In August, Uber came to an agreement with rival Didi Chuxing to leave the Chinese market in exchange for 17.5 per cent of the Chinese company. Didi Chuxing invested $1bn in Uber as part of the deal. The third-quarter results leaked to Bloomberg don’t include business in China.

News of Uber’s struggling financials shouldn’t come as a surprise. Analysis of the few financials the company has shared publicly showed losses of $2 billion on revenue of $1.4 billion for the year ending September 2015. As reported by Naked Capitalism, that’s a negative profit margin of 143 per cent. Writing earlier this month, transport industry expert Hubert Horan explained that Uber’s current operations depend on $2 billion in subsidies funded out of the billions pumped into the company by investors.

According to analysis by Horan, Uber passengers are only paying 41 per cent of the actual cost of a trip, with Uber using subsidies to undercut rivals and potentially achieve a monopoly. Since 2012, Uber’s earnings before interest, taxes, depreciation, amortisation and rent/restructuring costs (EBITDAR) has reportedly been worse than negative 100 per cent, with the total loss increasing, not decreasing with time.

Uber’s reported financial struggles aren’t its only problem. Last week the firm started testing its self-driving vehicles in its home town of San Francisco, despite not gaining a permit from state officials. On day one a number of vehicles were spotted running red lights and committing other traffic violations. On December 19, Uber admitted there was also a “problem” with the way the vehicles crossed bike lanes.